Year-End Financial Checklist: Preparing Your Finances for 2025
As we approach the end of the year, now is the perfect time to take a close look at your financial picture and make strategic adjustments to set yourself up for success in 2025. The final months of the year often come with a flurry of activity, but they also provide unique opportunities to strengthen your financial plan.
At Bolden Wealth Management, we guide our clients through three key pillars of financial planning: Foundational Planning, Wealth Building, and Kingdom and Legacy Building. This checklist is designed to help you address each of these areas before the calendar year closes.
Below, we’ve outlined some essential financial tasks to consider before the year ends. Use this checklist to identify areas of focus, and don’t hesitate to reach out if you need personalized guidance.
1. Charitable Giving and Gift Planning
The end of the year is an excellent time to reflect on your giving goals, which align closely with our Kingdom and Legacy Building pillar. If you’re planning to make charitable donations or gifts to family members, consider these strategies:
Maximize tax benefits: Contributions to qualified charitable organizations may reduce your taxable income. Options like donor-advised funds can be particularly helpful for strategic giving.
Annual gift exclusions: Remember that you can gift up to $17,000 per individual in 2024 without triggering federal gift taxes. This is a great way to support loved ones while reducing your taxable estate.
2. Tax Planning and Income Reduction
Reducing your tax liability is a critical component of Wealth Building. Here are some actionable steps:
Harvest investment losses: If your portfolio includes investments that have declined in value, and you own a taxable brokerage account, consider selling them to offset capital gains.
Max out retirement contributions: Ensure you’ve contributed the maximum allowable amounts to accounts like 401(k)s, IRAs, or HSAs.
Defer income when possible: If you're self-employed or have flexibility with income timing, consider deferring income to the next tax year to reduce your current tax burden.
3. High-Level Financial Review
The end of the year is a natural checkpoint to review your overall financial health, which supports both Foundational Planning and Wealth Building. Take time to evaluate:
Insurance coverage: Are your policies—health, life, disability, and homeowners—still adequate for your needs?
Emergency fund: Ensure your cash reserves are sufficient to cover three to six months of essential expenses. Building a strong financial foundation starts with having a safety net.
Investment performance: Review your portfolio to ensure it aligns with your risk tolerance and financial goals.
4. Download Our Comprehensive 18-Point Checklist
To make year-end planning even easier, we’ve created a detailed checklist with 18 time-sensitive considerations. This guide will help you spot potential opportunities and ensure you’re fully prepared for the new year.
A Personal Note
As my wife and I prepare for 2025, we’re not just checking boxes—we’re planning with purpose. With a growing family and new milestones ahead, we’re reflecting on more ways to give, reviewing our budget to maximize savings, and ensuring we’re on track for our long-term goals. This personal reflection aligns with all three of our financial pillars, as we build a strong foundation, grow our wealth, and plan our legacy.
I encourage you to take this opportunity to do the same. Whether it’s refining your budget, aligning your investments, or preparing for life’s next chapter, year-end planning can pave the way for a successful 2025.
Let’s Work Together
While this checklist is a great starting point, every financial situation is unique. At Bolden Wealth Management, we’re here to guide you through Foundational Planning, Wealth Building, and Kingdom and Legacy Building to help you achieve your goals.
Schedule a time to meet with us and take the next step in your financial journey here: https://calendly.com/robbo1den/huddleup
Let’s end this year on a strong note and prepare for all the possibilities 2025 has to offer!
